U.S. ECONOMICS: Philly Fed Hits Best Level Since March 2011 with Average Workweek Doubled; 10-Year Slides to Tag 2.51% From Sub-2.50%

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The Philly Fed manufacturing index climbed 6.1 points to 23.9 in July, the highest since March 2011, after rebounding 2.4 points to 17.8 in June. Gains were broad-based. The employment component edged up to 12.2 from 11.9. The average workweek nearly doubled to 12.5 from 7.3. New orders doubled to 34.2 from 16.8. Prices paid slipped to 34.7 from 35.0, and prices received rose to 16.8 from 14.1. The 6-month general business activity index continued higher to 58.1 from 52.0, with the employment number dipping to 29.1 from 31.4, and capital expenditures at 18.9 from 31.0.




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